MINNEAPOLIS, SALT LAKE CITY and LAS VEGAS--(BUSINESS WIRE)--Sept.
15, 2008--U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), has
entered into a definitive agreement with Zions Bank to assume the
leases of 49 full-service in-store banking locations in supermarket
retailer Smith's Food & Drug Stores, a division of The Kroger Co.
(NYSE: KR). U.S. Bank will add 28 new Smith's locations in Nevada and
21 in Utah, and once the Smith's expansion is complete, will become
the largest full-service in-store branch-banking network in the United
States, with more than 600 in-store branches in 19 states. More than
220 new employees will be hired to work at the new Smith's locations,
which will be up and running by the end of the first quarter 2009.
In Nevada, U.S. Bank will be replacing a total of 28 Nevada State
Bank offices in Smith's stores, 18 of those in the Las Vegas area,
four in Henderson and one in Carson City, Gardnerville, Reno and
Sparks, all markets where U.S. Bank currently has offices. U.S. Bank
will also move into new Nevada markets of Dayton and Pahrump.
Also, U.S. Bank will augment its presence in Utah by replacing
Zions Bank inside 21 Smith's stores, most of which are in the Salt
Lake City market, except for one location in St. George. This move
into in-store locations inside Smith's stores will provide U.S. Bank
with an entrance into the Salt Lake City area neighborhoods of
American Fork, Farmington, Herriman, Kimball Junction, Layton, Logan
and North Orem.
"Our partnership with Smith's is a perfect example of our stated
interest in growing our Western franchise and we feel very fortunate
to give our customers even greater access by expanding beyond the 20
Smith's in-store banking locations we are currently operating in Utah
and Nevada," said Chuck Stroup, U.S. Bank executive vice president,
in-store and on-site branch group. "We share a long-history and common
goal with Smith's of giving customers the highest levels of service
and this partnership is a great way to reach out to busy people who
like the convenience of one-stop shopping."
U.S. Bank's in-store banking strategy has proven to be highly
successful as a result of staffing each location with uniquely-trained
universal bankers who can help customers with all their banking needs.
U.S. Bank's in-store locations are a cost efficient way of adding
convenient, full-service branches in a market to give customers
additional ways of accessing the bank's products and services.
Currently, U.S. Bank has 60 branches in Nevada and 45 in Utah. The
additional locations will allow U.S. Bank to jump from fourth to
second for most branches in Las Vegas and from fourth to third for
most branches in Salt Lake City.
"We share the philosophy with U.S. Bank that the convenience of
in-store banking contributes to a great shopping experience for our
customers," remarked Kenny Kimball, Smith's Group Vice President
Operations. "We look forward to a seamless transition of banking
operations within our stores."
The new U.S. Bank locations inside Smith's stores will offer a
full range of services and will be open seven-days-a-week in Nevada,
Monday through Friday from 10 a.m. until 7 p.m., Saturday 10 a.m.
until 4 p.m. and Sunday from noon until 4 p.m. In Utah, U.S. Bank will
be open six-days-a-week, Monday through Friday from 9 a.m. until 7
p.m. and Saturday from 9 a.m. until 5 p.m. In addition to opening
checking accounts, customers can conveniently transact business on
savings, CDs, IRAs and other investment opportunities, or get a loan
for a car, mortgage, boat, home improvement or debt consolidation.
Each location will also have a full-service ATM.
Smith's is a division of The Kroger Co., one of the nation's
largest grocery retailers. From its divisional offices in Salt Lake
City, Utah Smith's operates a total of 132 stores in seven western
states, including 47 in Utah and 41 in Nevada.
Zions Bank and Nevada State Bank are subsidiaries of Zions
Bancorporation (NASDAQ: ZION) which operates eight banks under local
management teams and community identities in 10 Western and
U.S. Bancorp, with $247 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United States.
The company operates 2,542 banking offices and 4,895 ATMs, and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web
CONTACT: U.S. Bank
Steve Dale, 612-303-0784
Teri Charest, 612-303-0732
Marsha Gilford, 801-973-1700
SOURCE: U.S. Bank